The number of Indian carbon offset projects seeking approval under the UN's Clean Development Mechanism (CDM) scheme has fallen by 30 per cent due to the global recession, according to an industry consultant.

I don't buy "project finance availability" (i.e., the financial crisis) as the culprit. Even in a robust credit environment, when only 40% of people believe carbon prices will rise above €15/ton by December 2009, the economics of CDM projects don't look that great.

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